Cameron Sustainability Report 2013
|Company||Cameron International Corporation|
|Filer||Calvert Asset Management Company, Inc.|
|Sector||Oil and Gas|
|Resolved Clause Summary||Sustainability report|
|Status||Withdrawn; Company will address|
WHEREAS: We believe tracking and reporting on environmental, social and governance (ESG) business practices makes a company more responsive to a global business environment which is characterized by natural resource development that involves managing increasing risk, changing legislation and regulation, and heightened investor and public expectations for corporate accountability. Reporting allows companies to better integrate and gain strategic value from existing sustainability efforts, and identify gaps and opportunities in products and processes, among other benefits.
Sustainability reporting and the demand for ESG information is on the rise globally. In 2011, there was a 46 percent increase in the number of organizations worldwide using the Global Reporting Initiative’s (GRI) Guidelines for their ESG reporting according to the Governance & Accountability Institute.
In the year ending December 31, 2011, approximately 32 percent of Cameron International Corporation’s (Cameron) revenue was derived from the deepwater market. The rapid growth of deepwater oil and gas development and Cameron’s unique role in serving that market and other sectors brings with it risks and opportunities. Cameron should provide assurances about the manufacture, use and maintenance of our products in this and other sectors to investors and other stakeholders through an annual published sustainability report prepared according to the GRI sustainability reporting framework.
Currently, Cameron International Corporation has limited public information on its strategies and programs aimed at addressing ESG issues, and its disclosure lags behind sector peers. Our company’s competitors (as referenced in Cameron’s 10-K filed on February 27, 2012) including FMC Technologies, Flowserve Corporation, National Oilwell Varco, and Tyco International release annual sustainability reports that detail the companies’ sustainability policies, programs and performance. Among these companies Flowserve Corporation and Tyco International organize their disclosures according to the Global Reporting Initiative (GRI) sustainability reporting framework.
More specific information is needed about the policies, programs and performance metrics that are used to manage and optimize the material environmental, health and safety (EHS) considerations that are such an important factor in the quality and competitiveness of Cameron’s operations. Due to the international nature of Cameron’s operations, more detailed and consistently updated information is necessary regarding how our company manages and minimizes social, political and regulatory risk and makes the most of opportunities in these areas.
RESOLVED: Shareholders request that Cameron International Corporation issue a sustainability report that includes a comprehensive discussion of the company’s sustainability risks and opportunities risks. The report should be available by September 1, 2013, be prepared at reasonable cost, and omit proprietary information.
SUPPORTING STATEMENT: We recommend that the report include a company-wide review of policies, practices and performance metrics related to ESG performance and that Cameron International Corporation commit to continuous improvement in reporting and practice of updating its reporting on an annual basis. We encourage use of the GRI Guidelines (www.globalreporting.org), a globally accepted reporting framework considered the gold standard of reporting.